TFL’s Brendan and Kase picked out an assortment of popular used vehicles with AWD or 4WD to show just how far prices for crossovers and SUVs have dropped in the past year. The news is a welcome change from the pandemic and post-pandemic insanity that saw used car and truck prices actually RISE for the first time in history. While your individual results may vary in your search for a used vehicle, the overall take-away is this: Sanity has returned!
Now a few caveats: The sale prices reflect what dealers here in Denver, Colorado are paying wholesale for these vehicles. When they appear on dealer lots, you can expect them to be priced up to $5,000 higher than what the vehicle sold for, especially for the more expensive and popular SUVs below. Granted, there’s no reason a buyer has to pay that, but keep in mind that a dealer needs to clear a couple grand to make the purchases listed below work for his or her business.
Also, keep in mind that AWD and 4WD crossovers and SUVs and trucks command a premium here in Colorado where winter traction laws in the mountains make driving an AWD/4WD a no-brainer. Now let’s get to it.
2020 Toyota Highlander AWD Platinum
We start with one of the more popular vehicles in America, the 3-row Highlander. Because it’s a Toyota and because it’s a popular crossover, you may think the depreciation on it is not all that great. But this one already has 53,000 miles on the odometer, which is not a lot for a Toyota. If it was well maintained and is continued to be well maintained, there’s no reason this car couldn’t go another 150,000 miles relatively trouble-free. Current MSRP for this specific Highlander trim is $49,575. Here’s what it sold for at the auction.
- $33,000 MMR. MMR stands for Manheim Market Report which aggregates dealer auction sales from across the country for specific vehicles.
- $30,250 sold at auction in Denver.
- 39% Discount over buying new.
2021 Jeep Grand Cherokee L
This generation of Jeep Grand Cherokee was all new in 2021, and its sales started out strong. Not so much since for an extremely capable and comfortable off-road machine. The L edition features a longer wheelbase. The Overland Edition spec’s adjustable air suspension and Jeep’s most luxurious interior. Current MSRP for this trim is $65,590. At auction, a Grand Cherokee L with 26,125 miles on the odometer went for…
- $33,800 MMR
- $37,500 sold at auction. This is an example of the Denver market’s premium for 4×4’s.
- 43% Discount over buying new even at $3,700 over the MMR price.
2021 Hyundai Kona SE AWD
It’s not just premium SUVs and crossovers that are seeing a return to normal depreciation values. Take this value-minded Kona AWD. The all-new Kona for 2024 features a new design and some interior upgrades but still retains the same basic powertrain as this used 2021 model here with 55,596 miles on the clock. Current MSRP for the 2024 version with AWD is $25,600.
- $14,750 MMR
- $13,750 sold at auction
- 46% Discount over buying new
2023 Chevrolet Tahoe LT 4×4
Brendan pulled up this late-model Chevy Tahoe LT to get a sense of whether or not a relatively new model was holding its value or not. Granted, the previous owner put almost 19,000 miles on this Tahoe in a year or so. That’s a lot of miles in a short amount of time. But the 5.3-liter V8 should continue to pull strong for hundreds of thousands of miles. Current MSRP for a 2024 Tahoe LT 4WD is a whopping $66,695. At auction, this truck went for…
- $59,000 MMR
- $58,000 sold at auction. It wouldn’t surprise us to see the dealer who bought it price it at $64,000.
- 13% Discount over buying new
2021 Toyota 4Runner Off-Road Premium
Last, we checked on one vehicle that has historically held its value, especially here in Colorado. The 5th-generation Toyota 4Runner may be long in the tooth, but that hasn’t slowed demand for this reliable and capable SUV. During the pandemic, the 4Runner was one of the poster children for vehicles that increased in value, and even in 2022, they could rarely be had for less than their original sticker price. The TRD Off-Road trim comes with a desirable rear-locking differential and crawl control. Our 2021 sample Toyota TRD Off-Road hit the auction block with 23,083 miles and a host of practical off-road embellishments (steel rock sliders and front bumper/skid plate among them). Here’s how its used value compares the the 2024’s MSRP of $46,880.
- $36,160 MMR
- $39,000 sold. Again that Colorado 4×4 premium
- 17% Discount over new
Based on our research, buying used vehicles that are one-to-four years old makes sense again. You may even get some years of warranty with the purchase. Just make sure to have a mechanic check out any vehicle before you buy it to make sure you’re buying a solid, properly maintained car, SUV, or truck.
Check out the video below to see Brendan and Kase show you the whole process. You’ll also see them look at the sale of a barely used Mercedes crossover as a bonus.
